HB 1873

1	A bill to be entitled
2	An act relating to the Budget Stabilization Fund; amending s.
3	215.32, F.S.; authorizing prepayments of transfers to the Budget
4	Stabilization Fund; providing that certain prepaid amounts are
5	not to be considered as part of other maintained funds;
6	authorizing funds to be withdrawn under certain circumstances;
7	providing an effective date.
8
9	Be It Enacted by the Legislature of the State of Florida:
10
11	Section 1.  Paragraph (c) of subsection (2) of section
12	215.32, Florida Statutes, is amended to read:
13	215.32  State funds; segregation.--
14	(2)  The source and use of each of these funds shall be as
15	follows:
16	(c)1.  The Budget Stabilization Fund shall consist of
17	amounts equal to at least 5 percent of net revenue collections
18	for the General Revenue Fund during the last completed fiscal
19	year. The Budget Stabilization Fund's principal balance shall
20	not exceed an amount equal to 10 percent of the last completed
21	fiscal year's net revenue collections for the General Revenue
22	Fund. As used in this paragraph, the term "last completed fiscal
23	year" means the most recently completed fiscal year prior to the
24	regular legislative session at which the Legislature considers
25	the General Appropriations Act for the year in which the
26	transfer to the Budget Stabilization Fund must be made under
27	this paragraph.
28	2.  By September 15 of each year, the Governor shall
29	authorize the Chief Financial Officer to transfer, and the Chief
30	Financial Officer shall transfer pursuant to appropriations made
31	by law, to the Budget Stabilization Fund the amount of money
32	needed for the balance of that fund to equal the amount
33	specified in subparagraph 1., less any amounts expended and not
34	restored. The moneys needed for this transfer may be
35	appropriated by the Legislature from any funds.
36	3.  Unless otherwise provided in this subparagraph, an
37	expenditure from the Budget Stabilization Fund must be restored
38	pursuant to a restoration schedule that provides for making five
39	equal annual transfers from the General Revenue Fund, beginning
40	in the fiscal year following that in which the expenditure was
41	made. For any Budget Stabilization Fund expenditure, the
42	Legislature may establish by law a different restoration
43	schedule and such change may be made at any time during the
44	restoration period. Moneys are hereby appropriated for transfers
45	pursuant to this subparagraph.
46	4.  The Budget Stabilization Fund and the Working Capital
47	Fund may be used as revolving funds for transfers as provided in
48	s. 17.61; however, any interest earned must be deposited in the
49	General Revenue Fund.
50	5.  The Chief Financial Officer and the Department of
51	Management Services shall transfer funds to water management
52	districts to pay eligible water management district employees
53	for all benefits due under s. 373.6065, as long as funds remain
54	available for the program described under s. 100.152.
55	6.  The Legislature may prepay amounts into the Budget
56	Stabilization Fund as authorized in a general appropriations
57	act. The prepayment may constitute all or a part of the amount
58	estimated to be due in a specifically designated subsequent
59	year. If the prepaid amount does not equal the minimum transfer
60	required as determined in subparagraph 2., additional
61	appropriations must be made by law to ensure that the full
62	transfer is made. Amounts prepaid into the Budget Stabilization
63	Fund pursuant to this subparagraph are not to be considered a
64	part of the amount required to be maintained in the Budget
65	Stabilization Fund pursuant to Article III, section 19(g) of the
66	Florida Constitution and may be withdrawn without being subject
67	to repayment, provided that after the withdrawal, the fund's
68	principal balance exceeds the minimum amount required by
69	subparagraph 1.
70
71	Section 2.  This act shall take effect July 1, 2004.

CODING: Words stricken are deletions; words underlined are additions.